11 Feb 2005

Fiji Development Bank records 75pc profit plunge

8:17 am on 11 February 2005

The state-owned Fiji Development Bank has recorded a 75 per cent plunge in profits for its last financial year.

The bank's annual report for the financial year ending in June 2004, showed a net profit of just US$267,000.

The bank had reported a profit of US$1.2 million in the previous financial year.

The report says the sharp decline was owing to a significant increase in the provision for bad debts and a decline in interest income.